Because the stock market has become the backbone of Americans' retirement savings, it's plausible the Fed steps in and directly buys stocks during the next serious downturn, following the lead of Japan and China.

30:01stock market too big to fail and he said you know 55 to 60% of people own stocks and he gave all these rules or all these reasons why he thinks that the Fed could step in and buy stocks during the next downturn and I think he's absolutely right. I think it could happen. It would not shock me. People would be so angry. Japan already done this. >> Japan did that for years.

30:21>> China has done this. So here's his six reasons why the stock market is so important that we would maybe stop in and step in and buy. And in a financial crisis that would not shock me at all. People would be so angry and it wouldn't I wouldn't surprise me if it happened. So he says the stock market is our retirement fund. Totally agree. We have the biggest stock market in the world.

30:39It's outsiz 60% 65% however. He says the Trump accounts are going to add a bunch of new investors. I don't think that's as big of a deal as he does. Like all the new babies are going to get account. I I we'll see. I think there's so many accounts out there. I think adding one more account is not really going to move the needle. We already have 401ks and

30:57IAS and Roth IAS and HSAs and 529s. >> Can I say something? So many accounts. >> Speaking of making people mad, that might make people really mad. >> Do it. >> I think that sending people checks during an economic downturn is a is the most effective way to fight a recession. Now I >> you and old Johnny Maynard canes think that >> I know what happened last time. It

31:22caused all of the [ __ ] that we're living through right now. Inflation destroyed the fabric of our society. Hugely unpopular. Obviously it was terrible. >> The way that you described inflation there, it sounds like it's like a bad guy in Avengers. >> Worse. But part of the reason why we got the inflation was not just the the checks. it was that the supply chain was turned

31:47off, >> right? >> And there was a huge imbalance of way too much demand and not enough of supply. Assuming that is not the case in the next recession, assuming things are functioning normally, I don't I think that like obviously will be inflationary to some degree, it's never going to happen because the political impulse will be so >> yeah. >> Tomrad Badnick, welcome to the socialist side of things.